Biosensor Markets Driven by Demand and Technological AdvancesNovember 13, 2007
Worldwide industry revenues reached $5.11 billion in 2006, and Frost & Sullivan research estimates earnings will be about $10.62 billion in 2013.
PALO ALTO, CA /BUSINESS WIRE/ -- Increased investments and research in the micro sensing and biotechnology markets drives demand for highly accurate and reliable biosensors. In addition to research and advancements in micro technology, a number of emerging end-user opportunities also encourage market growth.
New analysis from Frost & Sullivan, "World Biosensors Markets," reveals that the markets earned revenues of $5.11 billion in 2006 and estimates this to reach $10.62 billion in 2013.
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"Market participants are developing advanced single-platform multi-testing biosensor equipment for point-of-care and home-diagnostic applications," observes Frost & Sullivan Industry Analyst Dr. Rajender Thusu. "The large-scale adoption of these biosensor-based instruments will dramatically strengthen the market. Several technological alliances and partnerships currently cater to the demand for applications in this segment."
The demand of point-of-care and home-diagnostic markets for highly accurate multiple parameters testing drives innovative biosensor research. In addition, biosensor research continues to focus on the miniaturization of existing biosensor kits and providing instant results.
Moreover, hybrid-technology research aims to develop easy-to-use portable devices fitted with memory chips to store real-time data that will facilitate quick analysis. The significant increase in funding allocated for research and development in fields such as lab-on-chip, cell-on-chip, and other nano-sensors, further boosts demand for biosensors.
However, the strict stipulations of regulatory agencies such as the Food and Drug Administration and the Environmental Regulation Authority exert considerable control over the use of biosensors in medical devices and environmental applications, thereby limiting market growth. Manufacturers can minimize this market restraint by developing compatible microchip and bio-molecule technologies that cater to the demand for highly advanced and accurate biosensor devices.
Steep manufacturing costs and the need for high R&D investments also hamper overall market growth by restricting the entry of new participants. Additionally, the decreasing number of hospitals in North America and Europe, high prices of analytes, and bio-molecule preservation difficulties in harsh conditions represent some of the other major impediments to the high growth of the biosensors market.
"In this scenario, biosensor companies need to identify opportunities for technological innovation by proactively monitoring changing customer needs across various end-user verticals," suggests Dr. Thusu. "Developing testing and monitoring techniques that require the least time while also providing a high level of accuracy with no external interference are some of the critical factors that participants need to focus on."
To ensure success in this market, companies must decrease technology overlaps and increase the transfer of lab technology to commercial production.
"World Biosensors Markets" is part of the Sensors and Instrumentation Growth Partnership Service, which includes research in the following: world smart sensors market, world position and displacement sensors markets, world market for sensors opportunities in medical applications, and world plug-and-play smart TED sensors market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews are available to the press.
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